Ekkio Capital, Bpifrance, Carvest (Crédit Agricole Régions Investissement) & BNP Paribas Developpement take majority stake in Calicéo

Funds advised by Ekkio Capital, together with co-investors including Bpifrance, Carvest, BNP Paribas Développement and CIC Private Debt, have completed a new €240 million financing and buy-out package for Calicéo, a French balneotherapy and wellness center operator. The transaction marks a new growth phase for the company and supports its accelerated expansion strategy in France and internationally. The financing package is structured through a combination of equity and debt. Approximately €65 million is provided in equity, largely reinvested by Ekkio Capital through its latest fund, a continuation vehicle backed by LGT Capital, and a co-investment vehicle alongside BNP Paribas Développement and a family office. Additional equity contributions come from existing minority shareholders and management, who reinvest in the new structure. The package also includes €30 million in bonds provided by private debt investors, as well as €145 million in new bank debt arranged by a pool of French lenders. Founded in 1997 and acquired in 2018 by Ekkio Capital alongside management, Calicéo operates around 20 wellness centers across France, offering balneotherapy, aquatic relaxation, spa facilities, and fitness-oriented leisure experiences. The group welcomes approximately 2.5 million visitors annually and generates around €70 million in revenue. With this new funding round, Calicéo aims to consolidate its domestic footprint while accelerating expansion into new French regions, including Aix-Marseille and the Côte d’Azur, as well as launching its first international developments in Belgium (Brussels) and the United Kingdom.